By Kate Ranta on Dec 18, 2020 1:25:00 PM
There’s probably never been a better time to sell ancillary benefits. Including dental, vision, and life insurance benefits in your sales strategy is just a smart business. Many advantages come with selling ancillary benefits. If you are looking to build not only client retention but also your commission rate then continue reading to find out why selling ancillary benefits is the way to go.
- Offering dental insurance can go a long way with employees. When they know their employer cares about their oral health and is providing them access to it, this can increase morale and productivity.
- Employers who invest in dental benefits may see a corresponding reduction in medical spending. That’s because oral and overall health are connected. Good oral health is known to reduce risks for and complications related to chronic—and expensive—diseases such as hypertension and diabetes.
- Vision insurance is great for preventive care for employees of all ages. From routine eye exams to contacts and glasses, to checks for eye diseases such as glaucoma, vision benefits are valued by employees.
- Employees also value life insurance. It gives them the peace of mind that their families and loved ones will be financially stable should something happen. And…it isn’t an expensive benefit to provide.
You can use this strategy with your carriers that allow vision or life insurance plans to be attached to dental plans at a discount. You can upsell these additional plans when your client has purchased a dental plan and potentially increase your revenue by nearly 50 percent.
The upsell is easy. Just let your client know that the carrier offers an option for employees to elect to add a voluntary group term life (or vision) plan to their dental insurance. The upsell is easy. Just let your client know that the carrier offers an option for employees to add discounted vision and/or life insurance to their dental insurance. Tell them that ancillary benefits such as these are welcomed and appreciated by employees and they’re great add-ons to dental, which is also a popular benefit. It’s pretty much a no-brainer for employers to jump on the option—and it adds more to your bottom line.
High demand. Higher Impact.
Dental is the second most desired benefit by employees after medical – and employer groups recognize its importance in impacting overall health…and healthcare costs. Your group’s employees are less likely to seek preventive dental care and treatment when they don’t have dental insurance, which means if they have an issue, it can get worse, and the treatment gets more invasive and more expensive. This not only impacts employee sick days, but poor oral and ocular health can lead to several health issues including heart disease, stroke, increased issues for diabetics, and premature birth.
Ancillary benefits can play a big part in decreasing medical costs; educating your employer groups on the overall value of an ancillary benefit program can help you in getting the additional sale.
The way you do business has changed because the landscape of the insurance industry has changed. Brokers who adopt new selling strategies (such as ancillary) and can branch out into other benefit revenue streams will thrive in this new environment. Take control of your business and let ancillary offer you a great opportunity to grow your business…and delight your customers in the process.